QUESTION 22 Why is the demand for most goods more inelastic in the short run than in the long run? There are more close substitutes for goods and services in the short run Substitutes may not be readily available in the short run Consumer Surplus is maximized in the short run O There are many complementary goods in the short and long run QUESTION 23 the quantity supplied of used vehicles increases by 20% and the price of used vehicles increases by 5%. Calculate the price elasticity of supply for used vet E = 3 E=% E = 2 E = ½ E = 4Answer please Both the Questions... QUESTION 22Why is the demand for most goods more inelastic in the short run than in the long run?O There are more close substitutes for goods and services in the short runSubstitutes may not be readily available in the short runO Consumer Surplus is maximized in the short runO There are many complementary goods in the short and long runQUESTION 23the quantity supplied of used vehicles increases by 20% and the price of used vehicles increases by 5%. Calculate the price elasticity of supply for used velE-3E=%E=2E=%E=4

Elasticity of demand is a measure of how much the quantity demanded of a good responds to a change…

Answered: Why is the demand for most goods more…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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QUESTION 22 Why is the demand for most goods more inelastic in the short run than in the long run? There are more close substitutes for goods and services in the short run Substitutes may not be readily available in the short run Consumer Surplus is maximized in the short run O There are many complementary goods in the short and long run QUESTION 23 the quantity supplied of used vehicles increases by 20% and the price of used vehicles increases by 5%. Calculate the price elasticity of supply for used vet E = 3 E=% E = 2 E = ½ E = 4

Answer please Both the Questions...

QUESTION 22
Why is the demand for most goods more inelastic in the short run than in the long run?
O There are more close substitutes for goods and services in the short run
Substitutes may not be readily available in the short run
O Consumer Surplus is maximized in the short run
O There are many complementary goods in the short and long run
QUESTION 23
the quantity supplied of used vehicles increases by 20% and the price of used vehicles increases by 5%. Calculate the price elasticity of supply for used vel
E-3
E=%
E=2
E=%
E=4

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